Demand for oil in the world to increase by 2023 – IEA

“Demand for oil in the world market will increase by 2023,” Senior Analyst of the International Energy Agency (IEA) on oil markets Christoph Barrett said on April 23 at III SOCAR international forum entitled as “Downstream Caspian and Central Asia – trade, logistics, oil refining”.

He said, the main sources of increasing oil demand will be China and India.

“By 2023, we expect a narrowing of the gap between demand and supply. Also, by this time the United States will begin an active search for new markets of energy resources,” said Barrett.

He stressed that IEA expects an increase in shale oil production and exports to Europe and Asia in the long term, which will have a significant impact on the balance of the international energy market, as well as will reduce the gap between supply and demand.

Barrett said, the use of electric vehicles, which can reduce the consumption of gasoline and diesel fuel by 1.8 thousand barrels per day, as well as the transition of most marine vessels to the use of fuel oil with a low sulphur content beginning from 2020 will play an important role in saving energy in the medium term.
Source: Trend News Agency